White House Aware of Silvergate Situation: Press Secretary | coindesk JAPAN | Coindesk Japan

The Biden administration is monitoring the situation at Silvergate Bank, comparing it to other crypto companies, and the president is calling on Congress to take action, White House spokesman Jean-Pierre said on March 6. said at a press conference today.

Jean-Pierre said he could not talk specifically about Silvergate, but said many crypto firms have been “experiencing significant problems” in recent weeks, suggesting that cryptocurrencies are being used by banks and other financial institutions. It referred to statements from banking regulators that warned of the risks it could pose to

“Over the past few weeks, banking regulators have issued guidelines on how banks should protect themselves from the risks associated with cryptoassets. We have repeatedly called on Congress to take action to protect

Silvergate will launch its 24/7 internal payment tool “Silvergate Exchange Network (SEN)” on the 3rd, allowing its customers to transact with each other on weekends and during times when normal banking services are suspended. announced it will close.

Days earlier, the bank announced it would delay the submission of its annual report. He said it would have to deal with investigations from banking regulators, the Justice Department and others, which could affect its ability to “continue doing business” in the next 12 months.

Related article: British BCB Group fills silver gate gap with US dollar payment function ─ launching early in the second quarter

The bank’s stock price plummeted following the announcement, dropping 58% in one day, and many of its large cryptocurrency clients announced they would suspend trading with Silvergate.

“As is the case with other cryptocurrency companies, we will not speak on specific companies, but we will continue to monitor the press and we are aware of the situation,” Jean-Pierre said.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: White House Is ‘Aware of’ Silvergate Situation, Spokeswoman Says